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IQST – iQSTEL Announces 126% Revenue Growth to $130 Million on Track to Reach $290 Million FY-2024 Annual Forecast

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NEW YORK, Aug 14, 2024 /PRNewswire/ — iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) a US-based, multinational, fully reporting and audited publicly listed telecommunications and technology company preparing for a Nasdaq up-listing today announced publishing its Q2 FY-2024 financial report on SEC Form 10Q.  The company achieved a revenue of $130 million for the six months ended June 30, 2024, an increase of 126% compared to the same period of the previous year. There is also a significant increase in revenues and Gross Profit when comparing first quarter versus second quarter of 2024 with revenue growing 53% from $51,414,878 to $78,635,764 and gross profit growing 57% from $1,379,026 to $2,163,624. Management indicates the revenue is on track to achieve the company’s $290 million FY-2024 annual forecast, since as of June 30, 2024 we have achieved 45% of that goal and the seasonality of the business indicates that in the second half of the year the revenue is higher than in the first half of the year. Also margin performance is on track for the company to achieve its 7-digit positive operating income goal. Detailed information on Q2 FY-2024 performance can be found in the company’s SEC Form 10Q filed today.

We are very proud that in the first six months of this year we have done 90% of the revenue done in the 12 months of 2023 ($130 million as of June 30, 2024 compared to $144.5 million as of December 31, 2023). Basically, we have doubled the size of the company in six months in terms of sales.

Six months ended June 30

2024

2023

Revenue

$130,050,642

$  57,491,358

Gross Profit

$    3,542,650

$    2,001,202

Operating Loss

$      (525,555)

$      (570,248)

Net Loss

$   (2,544,103)

$      (320,466)

 

Three months ended

June 30, 2024

March 31, 2024

Revenue

$     78,635,764

$  51,414,878

Gross Profit

$       2,163,624

$    1,379,026

% Gross Profit

2.75 %

2.68 %

 

On $130 million in revenue, the company reported a net loss for the six months ended June 30, 2024 of $2.54 million. The loss is due primarily to the $2.73 million in non-operating expenses.  Over $1.2 million of the non-operating expenses result from a non-cash, one-time charges. Management does not expect the bulk of these non-operating expenses to be recurring. See the chart below and the associated notes for more detailed information.

Relevant non-operating expenses for the six months ended June 30, 2024

Value of shares issued for consulting agreement

$     279,660

Note 1

Consulting agreement – cash paid

$       97,500

Note 1

Value of additional share compensations

$       77,665

Note 2

Audit and accounting services

$     192,322

Note 3

Change in fair value of derivative liabilities

$   1,115,510

Note 4

Loss on settlement of debt

$     102,660

Note 4

Interest expense

$     861,554

Note 5

$   2,726,871

 

Notes:

The company increased its professional services expense in connection with funding its recent M&A activity, and in conjunction with its Nasdaq up-listing initiative.  This expense is expected to end as the associated business objectives are achieved.Stock-based compensations not associated to management role.Even though the Audit Services is recurring it´s important to remark that due to the increase in the number of subsidiaries, the audit labor has increased accordingly, and it is expected to subside as we consolidate operations.This is a non-monetary accounting treatment of the M2B note, used for funding the acquisition of QXTEL.To minimize shareholder dilution, the company strategically secured interest bearing loans instead of pursuing loans convertible into stock.

To illustrate the strength of the company’s operations, consider that without the $2.73 million in interim non-operating expenses, the company would report $0.18 million in positive net income for the first six months of 2024.

Additional Financial Performance Highlights and Further Analysis

Telecomm Division stand-alone performance continues to deliver explosive results

iQSTEL’s overall business strategy is built on the foundation of its rapidly expanding Telecom Division. We are growing a robust telecom business while building complimentary high margin technology offerings designed to both add value to our telecom services and ultimately increase our earnings. Currently, it is our Telecom Division that is generating revenue with a positive operating Income. The Telecom Division generated $909,370 of positive operating income in the first half of the year FY-2024 compared to $540,363 for the same period of previous year which represent a significant increase of 68.29% year over year.

Telecom Division

For the six months ended June 30,

2024

2023

Revenue

$   130,050,642

$  57,491,358

Gross Profit

$       3,542,650

$    2,001,202

Operating Income

$          909,370

$       540,363

 

Management expects the bottom line results of the Telecom Division to improve in the second half of the year.

We have identified some improvement opportunities. For instance, the technological expense of our telecom division in the six months ended June 30, 2024, increased to $542,140 vs $185,975 in the same period last year. The company plans to consolidate the telecom division into one single platform, and in so doing, reduce the technological expense by half, increasing the bottom line.

The company keeps growing and adding value to the shareholders

Management continues in its commitment to raise growth capital while maintaining a total issued and outstanding share count of 183.5 million common shares demonstrating an unwavering commitment to responsible capital structure management. We believe this disciplined approach has ensured that each issuance of shares is accretive, directly contributing to increasing the intrinsic business value of iQSTEL.

The effectiveness of this strategy is evident in the company’s Revenue Per Share (RPS) performance. The following graph illustrates the evolution of RPS from FY-2020 to FY-2024. For FY-2024, the projected RPS is based on a forecasted revenue of $290 million and an outstanding share count of 193 million shares. While these FY-2024 figures are projections and may change, they indicate a potential RPS of approximately $1.50, representing a 79% increase compared to the $0.84 RPS achieved in FY-2023.

This sustained growth in RPS underscores the Company’s ability to utilize raised funds effectively, driving value creation and delivering tangible returns to our shareholders.

The company is preparing for a Nasdaq uplisting

The company continues preparing for a Nasdaq uplisting. Having achieved all the corporate requirements for an uplisting, the company has developed a detailed plan to finalize the uplisting and achieve further business objectives made possible with the uplisting.  The plan was published in an 8K on August 6th 2024.  Management will present the key components of the plan in the online Emerging Growth Conference on August 21st at 11:25 am EST. Here is the link to attend.

Summary

The Q2 FY-2024 financial report illustrates a transitional period where interim non-operating expenses associated with the acquisition of QXTEL results in a temporary negative impact to net profit. Management expects the mid and long term impact of the QXTEL application to ultimately have a very positive P&L impact.  Again, these transitional non-operating expenses are not expected to continue.  Management is committed to reducing the non-operating expenses as rapidly as possible.

The Q2 FY-2024 financial results demonstrate the success of iQSTEL’s ability to acquire and integrate new telecom operations and rapidly achieve synergistic organic growth. 

Management is committed to making this FY-2024 the best ever.  We plan to achieve or surpass $290 million revenue mark this year. We also expect to achieve 7-digit positive operating income.  

On behalf of our Independent Board of Directors we want to thank our partners, customers, shareholders, investors, management, and our employees for all the loyal support throughout our journey to become a one billion dollar revenue company.

All the Best.

Leandro Iglesias

CEO and Chairman iQSTEL

About IQSTEL (updated):

iQSTEL Inc. (OTC-QX: IQST) (www.iQSTEL.com) is a US-based, multinational publicly listed company preparing for a Nasdaq up-listing with an FY2023 $144 million revenue, and with a $290 Million Dollar Revenue forecast and a Positive Operating Income of 7 digits forecast for FY-2024. iQSTEL’s mission is to serve basic human needs in today’s modern world by making the necessary tools accessible regardless of race, ethnicity, religion, socioeconomic status, or identity.  iQSTEL recognizes that in today’s modern world, the pursuit of the human hierarchy of needs (physiological, safety, relationship, esteem and self-actualization) is marginalized without access to ubiquitous communications, the freedom of virtual banking, clean affordable mobility and information and content. iQSTEL has 4 Business Divisions delivering accessibly to the necessary tools in today’s pursuit of basic human needs: Telecommunications, Fintech, Electric Vehicles and Metaverse.

The Enhanced Telecommunications Services Division (Communications) includes VoIP, SMS, International Fiber-Optic, Proprietary Internet of Things (IoT), and a Proprietary Mobile Portability Blockchain Platform.The Fintech Division (Financial Freedom) includes remittances services, top up services, Master Card Debit Card, a US Bank Account (No SSN required), and a Mobile App.The Electric Vehicles (EV) Division (Mobility) offers Electric Motorcycles and plans to launch a Mid Speed Car.The Artificial Intelligence (AI)-Enhanced Metaverse Division (information and content) includes an enriched and immersive white label proprietary AI-Enhanced Metaverse platform to access products, services, content, entertainment, information, customer support, and more in a virtual 3D interface.

The company continues to grow and expand its suite of products and services both organically and through mergers and acquisitions.  iQSTEL has completed 12 acquisitions since June 2018 and continues to develop an active pipeline of potential future acquisitions.

Safe Harbor Statement: Statements in this news release may be “forward-looking statements”. Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions, or any other information relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates, and projections about our business based partly on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may and are likely to differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release, and iQSTEL Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release. This press release does not constitute a public offer of any securities for sale. Any securities offered privately will not be or have not been registered under the Act and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements.

iQSTEL Inc.
IR US Phone: 646-740-0907
IR Email: 
investors@iqstel.com

Contact Details
iQSTEL Inc.
+1 646-740-0907
investors@iqstel.com

Company Website
www.iqstel.com

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SOURCE iQSTEL

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Blue Owl Capital Expands Tennis Player Sponsorship to All Grand Slam Tournaments in 2025

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Blue Owl to place logo patches on dozens of athletes competing across the Australian Open,
French Open, Wimbledon, and US Open

Jordan Thompson named as Blue Owl’s dedicated athlete ambassador for the Australian Open

NEW YORK, Jan. 12, 2025 /PRNewswire/ — Blue Owl Capital Inc. (“Blue Owl”) (NYSE: OWL), a leading alternative asset manager, announced today a marquee sponsorship agreement to expand their presence at all Grand Slam tournaments in 2025 and become the exclusive financial services partner for professional tennis’ Player Patch Program.

Blue Owl’s logo will be featured on the shirt of select players competing across men’s singles, women’s singles, mixed doubles, men’s doubles and women’s doubles competitions at this year’s Australian Open, French Open, Wimbledon, and US Open tournaments. In addition to Blue Owl’s presence on the courts, the firm will be featured in iconic Melbourne transit hubs, social media and digital media during the Australian Open in an effort to raise brand awareness within the country and the broader APAC market.

Blue Owl Chief Marketing Officer Suzanne Escousse said, “Just as Blue Owl is redefining alternative investing, we are supporting established and emerging professional players who are redefining the game of tennis. Tennis is a truly worldwide sport requiring peak performance in critical, high-pressure moments. This is the same ethos that underpins Blue Owl and allows us to focus on delivering results for our international client base. Following the success of our involvement with the Patch Program at the 2024 US Open, and given Blue Owl’s established presence within the country, Australia is the perfect place to kick off our presence across Grand Slam tournaments.”

Blue Owl has also partnered with Australian tennis professional Jordan Thompson, who will serve as the firm’s Athlete Ambassador at the 2025 Australian Open – January 12-26 in Melbourne. Most recently, Thompson won the men’s doubles at the 2024 US Open, where he was wearing a Blue Owl patch, and was a men’s doubles finalist at Wimbledon in 2024. He has also registered victories over several top-10-ranked opponents in singles competitions and previously represented Australia at the Olympics and the Davis Cup. Thompson will be one of several competitors wearing Blue Owl’s logo throughout the tournament.

Jordan Thompson said: “Blue Owl is focused on delivering excellence for its clients, which makes it a great fit for a partnership with professional tennis players. Support from firms like Blue Owl is tremendously beneficial for players who are preparing for career-defining events, especially the four Grand Slams. Our shared core values, including striving for success in every step of our journeys, whether that be in the financial services industry or competing as a professional athlete, is a perfect match. Alongside my coaches, my doubles teammate(s) and tennis fans, Blue Owl will play a key role for me here in Melbourne at the 2025 Australian Open.”

About Blue Owl

Blue Owl (NYSE: OWL) is a leading asset manager that is redefining alternatives.

With $235 billion in assets under management as of September 30, 2024, we invest across three multi-strategy platforms: Credit, GP Strategic Capital, and Real Estate. Anchored by a strong permanent capital base, we provide businesses with private capital solutions to drive long-term growth and offer institutional investors, individual investors, and insurance companies differentiated alternative investment opportunities that aim to deliver strong performance, risk-adjusted returns, and capital preservation.

Together with over 1,050 experienced professionals, Blue Owl brings the vision and discipline to create the exceptional. To learn more, visit www.blueowl.com.

Media Contact

Nick Theccanat
Principal, Corporate Communications & Government Affairs
Nick.Theccanat@blueowl.com

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SOURCE Blue Owl Capital

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Wayfair and Google Cloud Announce Expanded Partnership to Transform Online Retail with Gemini

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With Google’s advanced Gemini models and Google Workspace, Wayfair is now able to enhance product catalog, employee productivity, and customer experience

SUNNYVALE, Calif., Jan. 12, 2025 /PRNewswire/ — Wayfair and Google Cloud today announced an expanded partnership to significantly enhance the online retailer’s product catalog with Google’s advanced Gemini models on Vertex AI and to improve employee collaboration by deploying Google Workspace to its thousands of employees worldwide. By using Google’s AI technologies, Wayfair has already seen improvements in workforce efficiency and operational cost savings.

“At Wayfair, we believe gen AI is the key to unlocking the next generation of retail experiences,” said Fiona Tan, Chief Technology Officer at Wayfair. “With Google Cloud, we’ve been able to efficiently scale and enrich our product catalogs, enabling us to support a more seamless and engaging shopping experience for our customers.”

Gemini on Vertex AI for Automated Catalog Enrichment

In the fast-paced world of e-commerce, surfacing the right products at the right time is crucial. Wayfair is already seeing results from its use of Gemini on Google Cloud, including:

Faster Time-to-Market: Instead of manually tagging each new product across its 30 million product portfolio, Wayfair is using Gemini on Google Cloud to automatically categorize products, reducing the time needed to curate new and update existing product listings by 67%.Significant Cost Savings: By removing the tedious process of manually tagging attributes like color and style, Wayfair estimates it will drive hundreds of thousands in cost savings per year.Better Listing Quality: Gemini’s ability to analyze images opened up new possibilities for Wayfair, such as automatically catching errors in product dimensions listed in the catalog, leading to better customer satisfaction.Improved Customer Experience: Increasing the accuracy of product attributes like color and subject, and improving the coverage of these attribute tags in the catalog, improved conversion rates when customers use these filters by ~2%.More Responsible Content Management: With Gemini, Wayfair now has a scalable, AI-augmented process for identifying and flagging inappropriate materials.

Gemini for Workspace to Enhance Employee Productivity

In addition to catalog enrichment, Wayfair is also leveraging Gemini for Google Workspace to improve the productivity of employees and create better experiences for them. Wayfair has had success using Gemini in Gmail, Google Docs, and more to help employees streamline and collaborate on tasks like drafting and responding to emails, summarizing and proofreading documents, building presentation templates, and more. Wayfair is also finding success using Gems, which are customized versions of Gemini to help with tasks or get deep expertise in new areas. With Gemini for Workspace and Gems, Wayfair has seen a boost to employee productivity, enhanced collaboration, and improvements in creativity across the organization.

“Wayfair is redefining what’s possible in retail with Google Cloud’s generative AI,” said Matt Renner, President, Global Revenue at Google Cloud. “By harnessing the power of Gemini and Google Workspace, Wayfair is not only automating complex tasks and boosting employee collaboration, but also creating more personalized and engaging experiences for every shopper. This is a prime example of how AI can transform businesses and deliver tangible benefits to customers and employees.”

About Google Cloud

Google Cloud is the new way to the cloud, providing AI, infrastructure, developer, data, security, and collaboration tools built for today and tomorrow. Google Cloud offers a powerful, fully integrated and optimized AI stack with its own planet-scale infrastructure, custom-built chips, generative AI models and development platform, as well as AI-powered applications, to help organizations transform. Customers in more than 200 countries and territories turn to Google Cloud as their trusted technology partner.

About Google Workspace

Google Workspace is a suite of productivity apps, including Gmail, Drive, Calendar, Docs, Meet, Vids, and more, that are trusted by more than 3 billion users and over 10 million paying customers. Google Workspace helps people and teams do their best work across any device, from anywhere. AI has been used in Google Workspace for years to improve grammar, efficiency, security, and more with features like Smart Reply, Smart Compose, and malware and phishing protection in Gmail. Now, Gemini for Google Workspace brings AI into the entire suite.

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SOURCE Google Cloud

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MaryRuth’s Celebrates TikTok Shop Super Brand Day With Exclusive Offers and Viral Favorites

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LOS ANGELES, Jan. 12, 2025 /PRNewswire/ — MaryRuth’s, the trusted leader in liquid vitamins and wellness products, is thrilled to announce its participation in TikTok Shop’s Super Brand Day from January 12 to 18, 2025. For this exclusive event, MaryRuth’s is celebrating with up to 40% off shopwide and exclusive multi-pack bundles of their top-selling products including viral favorites.

MaryRuth’s Liquid Morning Multivitamin + Hair Growth became a social media sensation in 2024, with over 369,000 bottles sold and 18,000 5-star reviews from customers who rave about its convenience, taste, and powerful benefits for health and hair growth. With these exclusive deals on TikTok Shop, MaryRuth’s aims to make its most-loved products even more accessible to its community to kick off healthy habits in 2025.

“We are so thrilled to be part of TikTok Shop’s Super Brand Day,” said MaryRuth Ghiyam, Founder and CEO of MaryRuth’s. “Our mission has always been to help people feel their best with high-quality, delicious, easy-to-use wellness products, and this event allows us to reach even more people with great deals on the products they love.”

Customers can take advantage of up to 40% off all products on MaryRuth’s TikTok Shop and shop specially curated bundles, including multi-packs of the Liquid Morning Multivitamin + Hair Growth. Designed to support overall health as well as hair thickness, hair growth, and skin health, this multivitamin has become a must-have for many health-conscious individuals.

MaryRuth’s will also showcase engaging TikTok content to celebrate this partnership, including product demonstrations, customer testimonials, and exclusive offers for TikTok users.

Mark your calendars for January 12-18, 2025, and join MaryRuth’s in celebrating TikTok Shop Super Brand Day. Don’t miss this opportunity to shop viral favorites and stock up to support your wellness for the new year and beyond!

About MaryRuth’s
MaryRuth was inspired to help empower others to take wellness into their own hands after seeing how health issues personally impacted her loved ones. As a health educator, nutritional consultant, culinary chef, and mom to 4 children, MaryRuth was driven to formulate a delicious, easy-to-take multivitamin with quality ingredients for her clients and family. This led to the creation of what is now America’s #1 best-selling liquid multivitamin. Through our growing product line, we aim to continue what was MaryRuth’s original mission: helping you to create small, healthy habits to move forward every day.

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SOURCE MaryRuth Organics

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